Real estate agents are trained to set up appointments for home viewing, negotiate and close the deal which could be quite a challenge for you to do on your own.  They also have access to industry information, such as historical sales trends, that may help you find homes within your budget.

If you search for a property on your own, you may not be that knowledgeable about the safeguards that can protect your rights.  For instance, real estate contracts have conditions that should be beneficial to both seller and buyer. However, without the help of someone more experienced in dealing with real estate contracts, you may end up not getting the full benefits that you deserve.  It is possible that the contract may favor the seller, which is often the case.

In order to fully benefit from the services of a good real estate professional, you should also know that there are various types of real estate agents who can help you.  Not a lot of people know that Realtors, for example, are different from real estate agents.  Although they perform similar tasks, there is a distinction between them.  A Realtor is obliged to follow a set of industry ethical standards of practice.  These standards are defined, and Realtors may lose their license if they do not follow these rules to the letter.

Agents who have not yet reached the Realtor status are not really obliged to follow strict rules.  This does not mean, however, that non-Realtor agents do not do their jobs ethically.  It simply means that Realtors have proven their integrity in the past, and have worked considerably harder to reach their status. Realtors swear to a pledge which states that no sale can be conducted unless all information regarding the property has been disclosed to the buyer. They are obliged to place the interests of the seller and the buyer before their own.

Real estate agents may work for the best interests of either the buyer or the seller. An agent who works for the interest of the purchaser is called a buyer’s agent.  The agent finds out and shares information about the seller and the property being sold in order for the buyer to make a wise decision. If a real estate agent is working directly on behalf of the buyer, this relationship must be defined in a written agreement between them.  With no legal agreement between agents and buyers, agents will often work for the best interests of the seller, even when the buyer is directly dealing with them and not the seller of the property.

A New Sign in the Neighborhood

Let’s say you are just beginning the home buying process and have not yet hired a real estate agent to help you with your search. You drive by a house that you absolutely must see. You jot down the name and number of the real estate agent that is prominently displayed on the “for sale” sign. Hang on a second. Before you pick up the phone, read on.

An Agent’s Loyalties

Simply put, unless there is a written contact with the buyer, a real estate agent who lists a home works for the seller. To better understand why; try to imagine working for both parties with opposite interests? You can see how difficult and precarious a feat this is. Although this practice does exist (it is called dual-agency), it is uncommon and it is recommended that you do not become a party to it. The agent works for the buyer or the seller, not both.

Why You Might Not Want to See This Home Today

Back to the “for sale” sign. It may go without saying, but the name on the “for sale” sign is that of the seller’s agent, sometimes called a listing agent. This person’s primary goal is to sell the home for the owner while all along looking out for the seller’s best interests, not yours.

If you absolutely must see this house today and the listing agent agrees to show it to you, know that you will not get all the facts about the house during that first visit. The listing agent will not take the chance of revealing any information that can ultimately bring the seller a lower price for the home. There are a handful of things this agent knows but cannot tell you, including:

• The reason the property is being sold unless the seller specifically releases that information
• Any concessions the seller might be willing to make
• The substance of any conversations between the seller and the agent
• Any information that could give you, the buyer, an advantage; including a comparable market analysis
• Even if the agent knows the house is overpriced, she cannot tell you as much

Additionally, you must be very careful not to reveal too much information about your own situation to this agent. Though it may seem harmless to mention for what amount you are pre-approved or what you are willing to pay for a home (these things sneak out in conversations), the agent is obligated to pass this information on to the seller. Imagine making an offer, only to have your offer rejected because the seller knows that you are willing to pay more.

If You Must See This House Today

Ideally, you should hire your own agent, one that will represent only you, when seeing this or any other home. If you must look at it sooner, try to remain tight-lipped and know that the seller’s agent will not be telling you a complete story. Make the visit a quick one and know its purpose is only to learn if you want to pursue the home further; with your own agent of course.

From the resource: “That agent (listed on the For Sale sign) represents the seller and is contractually bound to get the best deal for the seller. It doesn’t mean the agent can’t work with you in a fair and professional manner, but it does mean you should not disclose confidential information to the agent.”

Source: American Home Guides

Learn more about working with real estate professionals at Newbuyer.com.

Source: Top Producer

Read More About Real Estate Professionals at Newbuyer.com

From the resource about a realtor’s internet, mobile and interactive communication abilities: “A realtor capable of sending you interactive video, photos, listings, etc. directly to your email and/or cell phone is key.”

Source: Free Articles Directory

Read More About Real Estate Professionals at Newbuyer.com

Source: ired.com

Read More About Real Estate Professionals at Newbuyer.com

However, before signing on with any one individual, it is important for you to learn the differences between the real estate professionals who are available to you.  The three individuals we will discuss are agents, brokers, and Realtors®.  Let us take a look at the different levels of training, knowledge, certification, and experience of each.

Real Estate Agent
Agents are the most general of real estate professionals.  Many home buyers will refer to their agent as a Realtor®.  Technically, the agent may or may not be a Realtor®; as we will see below.  At this time, we will take a look at an agent who has not yet acquired Realtor® status.

Typically, a real estate agent:

• has at minimum a high school diploma and is at least 18 years of age
• completed 30 – 90 hours of formal training
• passed a written real estate exam
• holds a license to sell real estate in the state where he or she works
• renews the license every year or two
• in some states is required to work under a broker
• does not earn commission directly but receives a cut from commission earned by the brokerage

Broker
A real estate broker is an individual who is qualified to practice real estate independently.  Brokers oversee and sponsor the agents who work within their brokerage.  Typically a broker does not work with clients directly but plays more of a management and administrative roll.  The broker is the name you see on real estate signs around the neighborhood.

To become a broker, an agent:

• completed 60 – 90 hours of formal training
• passed a more comprehensive exam than the one passed by the agent
• practiced real estate for a defined amount of time; at minimum 1-3 years

Realtor®
A Realtor® is an agent who is also a member of the National Association of Realtors.  Important to note is that the name Realtor® is actually trademarked by the NAR.  For this reason, it is technically inaccurate to refer to every agent on the street as a Realtor®.

A Realtor®:

• pledges to uphold NAR’s organizational ethics code
• often holds multiple designations and certifications
• demonstrates specific skills, performance and knowledge
• has access to advanced education and a wealth of resources

By knowing the differences between a real estate agent, a broker and a Realtor®, you can now narrow down the list of the many professionals who are eager to help you find, purchase, and move into your first home.

From the resource: “The process of buying a house is complex, and most people find it’s easiest to get through with an agent by their side. Paperwork will be flying around like a small tornado, and it can be helpful to have someone familiar with the process to deal with it.”

Source: Nolo Press

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From the resource: “With so many agent out there, how can you make an intelligent decision? Do you choose a friend, neighbor or coworker? Should you work with an agent at a large firm, a small firm, a franchise or an independent?”

Source: ired.com

Read More About Real Estate Professionals at Newbuyer.com

Samples from the resource: “How many homes has the real estate agent sold in the past year?”, “What are the real estate agent’s strengths?” and “For how long will the agent’s contract with you be valid?”

Source: Freddie Mac

Read More About Real Estate Professionals at Newbuyer.com